THE WOOL SALES.

Otago Witness, Issue 2983, 17 May 1911, Page 20

THE WOOL SALES.

REVIEW OF THE SECOND SERIES. ALL-ROUND ADVANCE IN PRICES. (From Ouh Own Correspondent.) LONDON, April 7. April 1 saw the close of the second series of colonial wool sales of the current year, for which some 234,000 bales were available. Of these, 201,415 bales -were catalo«ued (101,169 being from New Zealand), and about 37,000 bales were held over (including 20,000 from New Zealand). At the corresponding series in 1910, of the 135,712 bales catalogued about 8500 were held. over. Of the quantity sold on this occasion, about 75,000 bales have been taken for export, including about 3000 bales purchased for shipment to America. '„■"■'- FOREIGN buying. -Since the close of the January sales, confidence in the maintenance of wool values, which had been impaired by a heavy fall in quotations on the Continental terminal market for "tops" has been restored, and before the opening of the series prices for all classes of wool had an -upward tendency, the improvement being most noticeable among merino growths. In these circumstances, Messrs C. Balme and Co. note, French and German buyers have operated with much greater freedom than in - January, and as the Home trade has continued vigorous, supporters of the various grades suitable for its requirements, 'tihe tone of the market has been stronger than for some months past. The only unsatisfactory feature in competition has been the meagre support afforded the market by the American section of the trade, whose operations have been confined to the purchase of a limited quantity of New Zealand medium crossbreds in light condition and a few of tihe best merinos in the grease. IMPROVEMENT IN PRICES. Messrs Balme say that •merinos may be -quoted in average 5 per cent, dearer. This advance was exceeded in tihe case of combing parcels, both scoured and greasy, which have generally ruled 7£ per cent, higher, but on short-stapled lots the rise has been less pronounced, not exceeding par to 5 per cent. A feature of the market has been the strength of Continental demand for fine-haired from New South Wales and Queensland, as much as Is 5-gd per lb having been paid for superior parcels from the former State. Fine crossbreds in thte grease have also met with a good reception, and at one point they realised as much as 7£ per cent, more than at the previous series. Later on, however, competition slackened somewhat, arid finally the advance did not amount to more than. 5 per cent. The results made for the medium qualities, have proved somewhat disappointing ; a few of the best and lightest descriptions haye been taken by American buyers at satisfactory prices, but ordinary sorts have sold somewhat irregularly at from par to 5 per cent, above January closing rates. Coarse grades have been in keen demand; at the outset quotations were practically unchanged, but they gradually, hardened throughout the series, and at ine close were from 5 to 1-i per cent, higher. Scoured crossbreds have been well competed ~for, and have realised about 5 per cent, more than the values previously current. The small supply of slipes has • been disposed of at figures: showing very little alteration as regards the finest qualities, but the medium and coarsest sorts were from par to 5 per cent, dearer. '/:■'ln conclusion, Messrs Balme write : "Prospects appear favourable. Confidence has been restored, arid machinery, especially in the_ English centres, is well employed, while a large proportion of the season's supply has now changed hands and has in a great measure passed into consumption. Consequently, unless some unforeseen change occurs in the situation, a maintenance of current rates for both merinos and crossbreds appears probable for some time to come."

The following table gives a comparison of closing rates of the first series of 1911 -with those now current, the figures relating to New Zealand wool :

THE OUTLOOK. Owing, to the customary heavy arrivals, the National Mortgage arid Agency, Co. write that March is-'considered-by many the danger spot of the year, and to*- have successfully weathered, "this; is most factory. During February, if _ the Bradford market were taken as an index,". a ' fall rather than a rise seemed the more likely. There was no confidence, and-tops, both merino and crossbred, .were sold forward at very low prices.' As soon as the sales opened, however, it was' at,: once . apparent that the demands of the trade were of a most healthy nature. Merinos, which during January were not much wanted by the Continent, now met excellent competition from that quarter, - and this, coupled with Home trade requirements, resulted in the establishment of higher'prices, and, at the time of writing, it certainly looks that a maintenance -of firm prices may .be expected for some months to come. Crossbreds are also favourably situated. The trade in the West- Riding , of Yorkshire is exceedingly busy; and consumption is on an enormous scale. This, coupled with the fact that this year's- clip from New Zealand will be smaller, than ..its predecessor, all tends for firm ':prices'-: in The •series: of

sales just over occupied 17 sittings, with a dai'y average of 11,846 bales, against 10,442 bales at the corresponding series of 1910. Messrs Weddel consider that it must be agreed by growers and holders alike that the sales have passed off very satisfactorily, and it should now be apparent to manufacturers that their chances of getting cheaper raw material during the next few months are small indeed.

Closing Pri ces. Second Current Prices. Series, 1910. New Zealand— s. d. s. d. e. d. e. d. Merino in grease, good condition id to Id dearer 0 11 to 1 2* 0 Hi to 1 o , ,, ; v: „ poor condition id to Id dearer 0 9 to 0 ioi 0 9i to 0 11 Jl ,, ,, inferior pieces and locks |d dearer 0 4i toO Si 0 5 toO 9 • scoured superior .. lid dearer 1 105 to 2 0 1 11 to 2 1 9J „ average to good .. IJd dearer 1 7 to 1‘ 10 1 8| to 1 105 „ ' inferior .. Id dearer .. 1 0i to 1 Gi 1 litol 75 Crossbred in grease fine superior .. id to Id dearer 1 , 0J to 1 3 . 1 litol ,, ,, fine ordinary id -dearer 0 10 to 1 0 0 Hi tol i )f „ ,, medium. ; superior id dearer o ioi to i 0 1 0 tol 2 „ „ medium, ordinary par to id dearer 0 8|to0 10 0 10 to 0 Hi „ ,, coarse, superior .. Jd dearer 0 9J to O 105 0 105 to 1 0 „ „ coarse, ordinary . .. id dearer 0 7f to 0 9 0 8ito0 10 lambs, superior ... Id dearer : ,v;• 0 11 tol 1 1 0| to 1 2i ,, ,, lambs, ordinary .. id dearer 0 85 to. 0 10i 0 95 tol 0 scoured; fine' .. |d to Id dearer 1 5 tol ioi 1 6 to 2 0 „ medium and coarse .. .. id to Id dearer 0 11 to 1 5i 0 114 tol 7 slip©, fine p ar .. .... 0 llj to l 5 1 0 tol 55 ' 91 medium .... .. par to id dearer 0 11 tol 25 0 Hi to 1 • 45 ,, coarse par to Jd dearer 0 95 tol 0| 0 105 to 1 2